How are unrealized gains and losses treated differently for available-for-sale securities What type of lease does Jim have? D) differentiable c. Buyers prefer collaborative relationships when the purchase decision is not complex. c) It nullifies oral leases and listing agreements. Once Ricardo knew the fence was a material issue to the buyer he was bound to take some action. a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. b. 4) What is the customary down payment amount on residential property in New York? a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. b. directly assist the customer with planning and strategy issues. a) Attachment b) Covenant c) Bond d) Bill. c) If the party who wants to enforce the contract seeks legal relief. C. Once you set a goal you should never change it. b) neither an instrument of conveyance nor contract. Prior to being shown any house, the buyer tells Ricardo it is essential he have a fence erected around the backyard of any house he purchases. b. directly assist customers with planning and strategy development. d) It is a bilateral agreement. A The buyers' family is pressuring them to purchase this home. d) void. a) expressed contact. e. both (c) and (d), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Finite Mathematics for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Raymond A. Barnett, Morality and Justice Exam Review Guide Cards. Which of the following statements is TRUE? a) Forward Clause b) Advanced Clause c) Acceleration Clause d) Call Due Clause, 4) Typically, the interest rate on an ARM is based in part on. Calculate the test statistic and ppp-value for each sample. a) Pest inspection b) Insurance premium paid in advance c) Soil test d) Survey. a) Preservation and Repair of Property b) Preservation and Maintenance of Property c) Property Order d) Borrower's Duties. LO: 6.2: How should a company choose the most attractive target markets? Obtaining commitment deals only with securing an order. Which of these statements about counteroffers is not true? 11) If a seller prepaid an insurance policy of $2,100 and the closing is set for March 15, using the 12-month/30-day method, what will the buyer owe the seller? E) It treats all buyers the same and, therefore, lowers promotion costs. Which statement is true? 5) In which provision would a landlord describe what activities can take place on the property? The buyers have been pre-qualified by a lender. 2) Which kind of lease has no time limit? A home where a homicide, suicide, or haunting occurred 6. 6) Broker Amanda prepares a sales contract, collects the earnest money and deposits it in her business account. The incidence of a tax is determined by which group (buyers or sellers) must write the check to the government. A potential buyer can make an issue a material fact by asking about or expressing their intentions. A property owner lists a property for sale with a broker. a) Protracted Mortgage b) Advanced Mortgage c) Purchase Money Mortgage d) Hold Over Mortgage. Eventually Sam convinces a co-worker, Wanda Wish, to purchase his home. 8) Landlord Frank terminated Jerry's lease because gross sales did not meet expectations. What type of mortgage is Rich requesting? d) pay the purchase price for the property. A) Step 2-segment identification 1) What is the underlying tenet of a contract agreement? d. the cost of serving established customers usually increases. A) demographic variables a) Map coordinates b) Deed map c) Street address d) Survey map. a) It is common business practice. AACSB: Analytical thinking, 50) If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment's unique customer needs and characteristics, you would be in which of the following steps of the segmentation process? B) It diversifies the firm's risk. 8) PMI loans made after July 1999 require that the loan must be released. A) measurable D. e. Only (a) and (b). B. It's easier to prioritize your tasks if your goals are in writing. 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? d) The Torrens registry retains the original registration documents and provides copies to the recorder or other appropriate office. a) $680 b) $1,360 c) $2,040 d) $2,720. LO: 6.1: In what ways can a company divide a consumer or business market into segments? AACSB: Analytical thinking, 49) The characteristic of useful market segments that relates to whether the segments can be effectively reached and served is whether the segment is ________. a) The list of all parties who have ever owned real estate. d) enforceable contract. a) Void b) Enforceable c) Enforceable or unenforceable d) Voidable, 3) A contact agreement to sell alcohol to minor would be considered. ), a) The seller's share of $2,533.38 b) The buyer's share of $666.62 c) The seller's share of $2,525.76 d) The buyer's share of $674.24. The buyers love the landscaping improvements the sellers have made. c. Investments and risk of exposure b. all satisfied customers will remain loyal. When preparing to present an offer to the sellers, what kinds of supporting information can be helpful? Death of the party to an agreement ends an employment contract such as a listing or buyer broker agreement. c. an arm's length transaction. Sam Seller lists his property with EX Realty. d. all of the above a) Sale price of the property b) The amount of the mortgage c) The sale price minus the earnest money deposit d) The seller's profit on the sale. When organizational buyers consider changes from one selling firm to another, what are the two main categories of switching costs they consider? 9) PMI loans made after July 1999 are now regulated by Federal law. The buyers are interested in another property. d) A certificate issued by the mortgage holder that indicates that the building is in proper condition to be occupied. Which of the following performance attributes has research recently shown influences customer satisfaction of business buyers? a) Fee for clearing the title b) Broker commission c) Homeowner's insurance d) Transfer taxes. b. the number of competitors in the particular industry. D) switchers b) are less flexible than government-backed loans . #1. b) All the parties must initial the changes. it must contain a nondiscriminatory clause #1. c. Transactional customers display less loyalty to a particular supplier and can easily switch part or all of their purchases from one vendor to another. a) Amanda has illegally commingled the earnest money with her own money. a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. c) Brokers may not complete leases to which they are not a party. D) personal characteristics A) individual b) Interest is determined by the debt-to-loan ratio. d) for a seller in a buyer's market. LO: 6.1: In what ways can a company divide a consumer or business market into segments? a) Right of Purchase b) Right to Rescind c) Right to Deed Access d) Right of Redemption. The listing agreement is between the client and the firm. d. is not required if the firms are in an arms-length relationship D) concentrated Once the offer or counteroffer is accepted and the offeror has been notified, a legal contract is formed. a) Designed to promote ethics training among lawyers b) Allows lawyers to deposit earnest monies into a State wide account c) Provides a fund for loans to lawyers for professional development d) Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss, 5) In New York, the practice of law by a non-attorney is. 11) What type of loan is often used when a seller will not accept a property sale contingency? What is this law called? b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. Diff: 2 E) gatekeeper, Answer: A LO: 6.2: How should a company choose the most attractive target markets? 3) How might a voidable contract become valid? a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. c) It is forbidden under any circumstances. b) A tenant buys the landlord's ground, then leases the improvements. d) A sublease conveys the entire leasehold interest. C) personal characteristics C) concentrated C) differentiable 2) Which of the following terms is not used to describe a binder? D) differentiable 1. c) The tenant goes out of business. A seller and a buyer are engaged in a dispute over a forfeited earnest money deposit. E) actionable, Answer: E #10. The open exchange of information is a characteristic of ____ relationships. b) voidable and illegal contract. C) maximum solution a) legal. a) Judicial Foreclosure b) Mortgage Foreclosure c) Short-Sale Foreclosure d) Lien Foreclosure. Chapter 2: Ethics, Fair Housing And Trust Accounts, Chapter 3: Agency And Other Mandatory Disclosures, Chapter 10: Writing The Offer And Closing The Sale, Chapter 18: Business Sale, Property Management & Leasing. What does the phrase the law of agency is a common-law doctrine mean? Buyers and sellers experience unexploited gains from trade b. c. Achieving customer retention. 5) What is one important difference between a sublease and a lease assignment? 10) Steve has an existing loan with Sunray Bank and has applied for a second loan. All multiple offers must be presented at the same time; if you know of an offer that is coming in, you must tell the sellers at the time you present the current offer; if you know of any verbal offers, share that information with the sellers also. 3) What is the most common form of property description? a) In an assignment, responsibility for the original lease is transferred completely to the assignee. Which of the following clauses is required by the NC Real Estate Commission to be contained within every listing agreement? 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? D) need-based segmentation a. trust. AACSB: Reflective thinking, 45) If an organization's marketing department wants to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, it would most likely occur in the ________ step of the segmentation process. 1) Prospecting for buyers is easier than prospecting for sellers. It is part of a body of law established by tradition and court decisions B) selective specialization 6) Which of the following contracts must be in writing to be enforceable? Today, when a buyer can't specify all of the details of what it will need in the future, the relationship with a supplier is most likely to involve: Close buyer-seller relationships have many advantages for a firm, but one key disadvantage is: B) long-term commitments to another organization reduce flexibility for a firm. Give the sellers the price over the phone so that they can think about it before you meet with them. The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of: A. skill, care and diligence B. disclosure C. obedience D. accounting disclosure a) Receipt b) Contract for sale c) Agreement d) Purchase offer. b) If the party who has reason to disaffirm the contract elects instead to perform it. 9. a) Right of Redemption b) Right to Rescind c) Right to Deed Access d) Right of Remainder. A) single-segment concentration c) is not a binding contract upon agreement. Ricardo does not tell the listing agent anything about a fence. a) $12.87 b) $15.91 c) $23.22 d) $25.74. Paul is most likely holding what kind of loan? What approach can their agent take to change the sellers perception of the offer? Ch1 bonus questions 1. 1) What is an important legal feature of a contract? a. AACSB: Analytical thinking, 16) Urgency, specific application, and size of order are examples of ________ segmentation variables for business markets. E) benefits, Answer: D 3) A contract which neither party can enforce is called. AACSB: Analytical thinking, 20) A marketer is interested in segmenting a business market on ________ if the marketer's variables are loyalty and attitudes toward risk. d. commission. #11. share plus a$100 brokerage fee. d) Mark can be evicted. Having strong relationships with customers can be hard for competitors to understand or duplicate. Daniel F Viele, David H Marshall, Wayne W McManus, DECA practice tests questions multiple choice. The buyers family is pressuring them to purchase this home. #5. Who typically presents an offer to the sellers? b) a class 3 felony. 1) Which of the following statements about market segmentation is TRUE? AACSB: Reflective thinking. a) covers more than one piece of property. E) horizontal market, Answer: B c) open. 8) What is an important legal characteristic of an option to buy agreement? AACSB: Reflective thinking, 44) During which step of the needs-based segmentation process would the marketer group customers into segments based on similar needs and benefits sought by the customer in solving a particular consumption problem? Click here to study/print these flashcards, Additional Real Estate & Planning Flashcards. c) Sara can use a binder but not a sales contract. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. D. Buyers must receive the completed disclosure report no later than the beginning of the due diligence period. 9) Most conventional loans follow the underwriting standards outlined by. Diff: 1 a) He has provided an advance order of moving. a. see that operational linkages are designed into the relationship to keep product and service offerings aligned with customer needs. Question: 1. E) The most attractive segment is one in which entry barriers are low and exit barriers are high. C) flexibility of legal rules governing the business A) marketer resources b) If the party who has reason to disaffirm the contract elects instead to perform it. a. C) segment attractiveness d) The original offer is legally terminated. A) niche b. solidarity. 8) Newlyweds in the United States buy more in the first six months than an established household does in five years. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. D) It is a low-cost strategy. AACSB: Analytical thinking, 52) If married and unmarried women respond similarly to a sale on perfume, these hypothetical segments fail the ________ criterion for useful market segments. What can be said about Norm's actions? 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? d) carry prepayment penalties, while government-backed loans do not. The expiration of the individual agent's license does not terminate the listing because the licensee is not a party to the agreement. d) It's an invalid offer. Ben and Blanche receive a $200,000 offer on their home which is listed at $208,000. c) A sublease does not convey any of the leasehold interest. Diff: 2 6) Broker Sara completes a preprinted sales contract. C) It helps to build a loyal customer base but has no impact on a firm's intangible assets. No temporary differences existed at the beginning of the year, and the tax rate is 40%. a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. C) loyalty status 1 Which of the following statements about marketing is true? operations. Given the following selected account balances of Delray Mfg., prepare an income statement for Delray Mfg. b) It is necessary to search public records to ascertain the status of title. 2) Which mortgage clause requires the borrower to maintain the physical condition of the property? d) states that a lawyer can rescind the contract terms within 10 days of contract approval. b) There must be evidence that a structural inspection has shown no evidence of pest infestation. d) Interest is based on a selected economic indicator index. b) decrease the interest rate as the principal declines. During this interim period, Grant makes monthly rent payments and the owner accepts them. A valid listing agreement may be terminated for any of the following reasons, EXCEPT: B. expiration of the individual listing agent's license, expiration of the individual listing agent's license. 4) When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats? d. satisfaction with the salesperson. #6. c. work with a wide array of managers on strategy and coordination issues. c) He has given due process. There is no obligation of a seller to disclose the defect, though the seller has a mandatory duty to complete the Disclosure Statement. 8) What is used to seal a binder agreement? Which of the following statements about transactional relationships is(are) true? 5) Mike signed a rental agreement for his friend Norm. A) measurable C. The same amount will go towards the principal every month. b) executable. 2) Mark gets a home loan and the lender will charge him 3 points at closing. Diff: 2 D) impulsiveness a) The landlord sells the ground to another, then leases it back. c) A notary must sign and stamp the changes. a. d) If the party who wants to enforce the contract seeks damages. A) single-segment concentration d) contain a legal description of the property. Diff: 2 D) market specialization b. a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. Present the $208,000 offer today and wait for a response from the sellers before he presents the other offer. 4) What is the purpose of the Lawyers' Fund? This is known as what type of account? a) requires recording of a leasehold conveyance. Each of their payments is for the same amount B. c) Brokers may not complete leases to which they are not a party. c. marketing plan c. trust in the salesperson. Customers emphasize a collaborative orientation when the purchase decision is not complex. b. C. The process of obtaining commitment occurs only toward the end of any sales call. A) differentiated market Diff: 3 B) selective specialization For example, ________ can show the firm which brands are most competitive with its own. What should Jake do? a) tells all parties that the preprinted forms have been approved by an attorney. 10) ________ is the science of using psychology and demographics to better understand consumers. What type of contract does Bill hold? Why is it important to talk to the sellers about the buyers? Value can be defined as the _____ benefits received by a customer firm in exchange for the price paid for a product offering. D) personal characteristics e. the number of organizations in a straight rebuy situation. 43) Which of the following statements is TRUE about the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment? c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. c. In which situation would Sam not owe a commission to EX Realty? d) the federal discount interest rate. The agent can tell Ben and Blanche that the $200,000 offer represents 96% of their asking price. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. C) accessible #7. 4) In which contract provision would the length of the lease be outlined? A) measurable a) through verbal agreements. a. c) a promise note. d. all of the above AACSB: Analytical thinking, 12) Dennis requests his father to buy him a PlayStation for his birthday. a) Use of the Premises b) Property Order c) Location Use d) Property Regulations, 6) In New York City, the maximum base rent (MBR) system allows for rent to be adjusted. Regardless of how the seller completes the form, the licensee has a duty to disclose all material facts so the liability rests with the listing agent. Trust and relationship commitment A) needs-based segmentation A new Estimate of Sellers Proceeds, using the current offering price as the basis and an updated competitive market analysis, would be helpful. a) for a buyer who plans to own the property for a short time and believes the property will appreciate during that time. 9) Which of the following statements about Gen Xers is TRUE? B) effectiveness of the suppliers c) is subordinate to a first mortgage. B) demographic 3) Which of the following persons may, but is not required to, attend a closing? This is an example of ________. All of the following statements about organizational buyers are true except: C) organizational buyers rarely focus on economic factors. When selling to _____, marketers must expect to use advertising, rely heavily on e-commerce for purchases and customer service, and make pitches to whomever is in charge (or their administrative assistant). Part I: True or False Item Write "True" if the statement is correct and "False" if it is incorrect in the space provided (1 pt. B) undifferentiated B) It automatically binds the owner, the broker, and the MLS to its agreed provisions. Its important that sellers realize that a counteroffer is actually a rejection of the original offer, and by submitting one, they are giving the buyers an easy out if they want one. One offer is for $208,000; the other is for $200,000. \text { Tsunami Corp. } & 1,250 & 31,250 & 35,000 \\ Buyer purchases the house and later learns that he cannot erect a fence. a) Marketable title b) Abstract of title c) Evidence of title d) Title commitment. B) purchasing approaches E) purchasing approaches, Answer: B Discuss the accuracy of this statement. Using the continuum of working relationships, the industry bandwidth refers to: a) Power of Attorney b) Power of Use c) Waiver of Attorney d) Attorney At Use. c. Total cost of ownership 3) What do we call the right to reclaim a property that has been foreclosed by paying off amounts owed to creditors, including interest and costs? a) Percentage b) Net c) Provisional d) Graduated. 7) Jim holds a commercial lease. b) It must use precise wording in a document. c. the firm can identify opportunities for expanding the relationship. C) situational factors a) Estate for years b) Estate at will c) Estate from period to period d) Estate at sufferance. B) segment identification d) require higher down payments than government-backed loans require. b) the mortgage must be held by the originator until all terms have been meet. c) implied contract. c) It's still an offer. The agent is A) required to disclose the information because it is a material fact important to the seller. B) segment identification d. a strategic alliance. d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. a) The lender makes payments to the borrower. c) a misdemeanor. a) Accounts Payable b) Summary Balance c) Accounts Receivables d) Impound AccountD. d) closing insurance. d) contain a legal description of the property. Diff: 2 3) Which of the following locations is the least likely place to hold a closing? 5) Which of the following is one of the purposes of the Lawyers' Fund? Recommend that the seller delay response to make the buyer nervous and then submit a counteroffer. c) the Mortgage Loan Trust Bank. A) Buyers for all kinds of organizations (governments, nonprofit groups, intermediaries) tend to buy in much the same way as do manufacturers. If the buyer backs out of the contract without good reason, the offer to purchase contains a printed clause that says the seller may keep the deposit as: a. equity. Diff: 2 C. All residential sellers are exempt from this act unless a broker is not involved in the transaction. d. all of the above Notification is the delivery of a signed copy of the acceptance to the offeror. d) It can be created only by an attorney. a) both an instrument of conveyance and a contract. Diff: 2 b) The first seller may sue the buyer for specific performance. a. economic E) Step 7-marketing-mix strategy, Answer: D By targeting mothers-to-be as future heavy users, producers of these products and services are segmenting consumers on the basis of ________. E) antiloyals, Answer: B Diff: 1 a. Transactional exchanges 9) Sellers Glen and Jill are closing on their home sale next week. If the buyer rejects the first counteroffer, the seller can accept the first offer. d. All of the above. Trust According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. 11) The dimensions in the VALS framework are consumer resources and ________. (another broker in the firm must represent her mother, if the seller has consented to dual agency the brokers interest does not need to be disclosed, the broker should provide the seller with a verbal disclosure of her interest in the transaction, the broker should disclose her interest in the b) for a buyer who plans to own the property for a long time. C) guerrilla E) actionable, Answer: D D) pseudo solution Which statement is TRUE? a) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. Which statement is TRUE? He does not have to pay off his existing mortgage in order to qualify. 4) Which of these items is not included in a lease agreement? b) are less flexible than government-backed loans . Relationship marketing H0:=.20H_0: \pi=.20H0:=.20 versus H1:.20,=.025,p=.28,n=100H_1: \pi \neq .20, \alpha=.025, p=.28, n=100H1:=.20,=.025,p=.28,n=100. #1. 9) Which of the following is a good example of a unilateral contract? c) when the loan-to-value ratio reaches 78 percent. a) Swing Loan b) Wraparound Loan c) Pillow Loan d) Ancillary Loan. a) Right of first refusal b) First right to buy c) Right to resend d) Right to counteroffer. 12) A subdivision developer most likely would apply for what type of loan? 5) In which type of loan is the payment allocated only to interest? An exclusive agency agreement differs from an exclusive right to sell agreement because under an exclusive agency agreement the firm is not paid if the seller finds a buyer on their own. #11. Diff: 1 #5. d. A strategic alliance b) It requires certain conveyance-related contracts to be in writing. The seller and the buyer must be informed of the situation and agree in writing to the broker's representing both of them. b) will be a credit to the buyer. This takes a positive view of the price. a. b. Activity-based costing It is true, that the United States Housing Market can be "unpredictable, volatile and cyclical." I believe it is crucial to familiarize ourselves with the pa. Subprime Mortgage Crisis The Federal Reserve worried that low interest rates encouraged risky borrowers to own a home; therefore, interest rates rose from "1 percent to 5.25 percent". _____ exists when one party has confidence in a partner's reliability and integrity. d. Collaborative exchanges. a) when the loan-to-value ratio reaches 50 percent. b) the gross national product. The cost-to-serve the customer. D) operating variables d) The broker finds out from the lender and tells the sellers. D) market specialization b) The mortgage contingency clause is not valid. 2003-2023 Chegg Inc. All rights reserved. Which of the following statements is true of buyerpower?A. A home for sale awaits prospective buyers on October 27, 2022, in Hollywood, Florida.

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